PDD Holdings Inc. Sponsored ADR $PDD Shares Acquired by CI Investments Inc.

CI Investments Inc. increased its holdings in shares of PDD Holdings Inc. Sponsored ADR (NASDAQ:PDD) by 881.4% in the first quarter, Holdings Channel reports. The firm owned 88,167 shares of the company’s stock after acquiring an additional 79,183 shares during the period. CI Investments Inc.’s holdings in PDD were worth $9,009,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of PDD. Vanguard Group Inc. increased its stake in shares of PDD by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 32,810,630 shares of the company’s stock worth $3,720,397,000 after buying an additional 425,908 shares during the last quarter. Norges Bank bought a new stake in PDD in the 4th quarter valued at about $1,065,446,000. Geode Capital Management LLC raised its stake in PDD by 5.6% during the 4th quarter. Geode Capital Management LLC now owns 6,759,780 shares of the company’s stock valued at $761,720,000 after acquiring an additional 359,921 shares in the last quarter. Krane Funds Advisors LLC boosted its position in PDD by 4.2% during the 4th quarter. Krane Funds Advisors LLC now owns 6,397,960 shares of the company’s stock worth $725,465,000 after acquiring an additional 258,888 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of PDD by 94.6% in the first quarter. SG Americas Securities LLC now owns 6,301,820 shares of the company’s stock valued at $643,920,000 after acquiring an additional 3,063,694 shares in the last quarter. 39.83% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the company. Sanford C. Bernstein dropped their price target on PDD from $132.00 to $110.00 and set a “market perform” rating on the stock in a report on Wednesday, May 27th. Jefferies Financial Group reaffirmed a “buy” rating on shares of PDD in a research report on Wednesday, May 27th. Daiwa Securities Group reiterated a “hold” rating and issued a $80.00 target price on shares of PDD in a research report on Tuesday, June 23rd. BNP Paribas Exane started coverage on shares of PDD in a research note on Monday, June 15th. They set an “underperform” rating and a $89.00 target price for the company. Finally, Morgan Stanley set a $129.00 price objective on shares of PDD in a research report on Wednesday, May 27th. Seven investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $124.64.

PDD Stock Down 1.5%

Shares of PDD opened at $83.59 on Thursday. PDD Holdings Inc. Sponsored ADR has a 12-month low of $71.94 and a 12-month high of $139.41. The firm has a market capitalization of $118.98 billion and a price-to-earnings ratio of 9.03. The stock’s 50-day moving average price is $84.93 and its 200 day moving average price is $96.99.

PDD (NASDAQ:PDD) last issued its earnings results on Wednesday, May 27th. The company reported $1.38 earnings per share for the quarter, missing the consensus estimate of $2.40 by ($1.02). The business had revenue of $15.41 billion for the quarter, compared to analyst estimates of $15.92 billion. PDD had a net margin of 21.86% and a return on equity of 24.32%. PDD’s revenue was up 11.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.57 earnings per share. Equities research analysts expect that PDD Holdings Inc. Sponsored ADR will post 9.7 EPS for the current year.

PDD Company Profile

PDD (NASDAQ: PDD) is the holding company best known for operating Pinduoduo, a China-based, mobile-first e-commerce platform that emphasizes interactive, social shopping and group-buying mechanics to drive user engagement and low prices. Founded in 2015 by entrepreneur Colin Huang, the business has grown by connecting consumers directly with merchants and manufacturers, with particular emphasis on value-oriented goods and fresh agricultural produce. The company is based in Shanghai and completed a U.S.